{coyotes} Coyotes likely to remain in Phoenix next season

 

Despite the turmoil surrounding the Phoenix Coyotes, it appears at though the team will remain in Arizona for the 2013-14 season.

While an Arizona source tells Sportsnet that Glendale City Council will not approve the $15 million cash demand by prospective buyers, Renaissance Sports and Entertainment, the belief is that the team will not move ahead of next season.

The RSE group had asked for the money from The City of Glendale to secure a loan of $125 million from the Fortress Investment Group to help purchase the NHL team.

Sources also tell Sportsnet that Glendale City Council believes the debt service is so great that the team is all but guaranteed to fail and move shortly because of losses created by no equity. However, while there is plenty of talk that Seattle may be a possible quick solution, there are strong feelings that Key Arena is not suitable for next season.

The NHL, which owns and operates the Coyotes, is experiencing franchise issues because of high debt loads on some clubs such as the New Jersey Devils.

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